Common use of Effect of Defeasance Clause in Contracts

Effect of Defeasance. Any Bond not presented at the proper time and place for payment shall be deemed to be fully paid when due, within the meaning of this Indenture, if the money necessary to discharge the principal amount thereof and all interest then accrued and unpaid thereon is held by the Trustee or any Paying Agent when or before the same become due. The registered owner of any such Bond shall not be entitled to any interest thereon after the maturity thereof nor to any interest upon money so held by the Trustee or any Paying Agent. (End of Article VIII)

Effect of Defeasance. Any 2023 Bond not presented at the proper time and place for payment shall be deemed to be fully paid when due, within the meaning of this Indenture, if the money necessary to discharge the principal amount thereof and all interest then accrued and unpaid thereon is held by the Trustee or any Paying Agent when or before the same become due. The registered owner of any such 2023 Bond shall not be entitled to any interest thereon “after the maturity thereof nor to any interest upon money so held by the Trustee or any Paying Agent. (End of Article VIII)

Effect of Defeasance. Any Bond not presented at the proper time and place for payment shall be deemed to be fully paid when dueshall, within the meaning of this Indenture, be deemed to be fully paid when due if the money necessary to discharge the principal amount thereof and all interest then accrued and unpaid thereon and any premium is held by the Trustee or any Paying Agent when or before the same become due. The registered owner of any such Bond shall not be entitled to any interest thereon after the maturity thereof nor to any interest upon money so held by the Trustee or any Paying Agent. (End of Article VIII)